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Eurozone Doomsayer Got it Right

By       Message Stephen Lendman       (Page 1 of 7 pages)     Permalink    (# of views)   1 comment

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Eurozone Doomsayer Got it Right - by Stephen Lendman

The Eurozone from inception was a disaster waiting to happen.

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Eurozone economies are cratering. Every fix tried so far failed. Combining 17 dissimilar countries under one monetary/fiscal system assured disaster waiting to happen.

British economist Bernard Connolly knew it before the euro's 1998 introduction. His 1995 book titled, "The Rotten Heart of Europe: The Dirty War for Europe's Money" called it a harebrained idea doomed to fail. 

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Saying it cost him his job. Maybe he should be running failed economies to fix them one by one. Even laymen can do a better job than current and past officials who wrecked them and ordinary households to pay bankers. More on Connolly's book below.

On November 17, New York Times writer Landon Thomas headlined, "Words of a Euro Doomsayer Have New Resonance," saying:

Eurozone countries are "crumbling, just as he had long predicted, yet Bernard Connolly, Europe's most persistent prophet of doom, still" faces skeptics.
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Addressing the Los Angeles-based Milken Institute last spring, he said:

"The current policy of lending plus austerity will lead to social unrest." Troubled Eurozone countries can't cut their way to recovery. "And one should not forget," he said, "that of the four countries (now six) we are talking about, all have had civil wars, fascist dictatorships and revolutions. This is history."

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